A B C D E F G H | J K L M 1 Weights W1 100.00% 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 2 W2 0.00% 100.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 100.00% 3. US & UK 4 ER 15.00% 14.70% 14.40% 14.10% 13.80% 13.50% 13.20% 12.90% 12.60% 12.30% 5 STD 10.00% 9.34% 8.76% 8.29% 7.95% 7.75% 7.71% 7.82% 8.08% 8.48% 5 SHR 1.5 1.57 1.64 1.7 1.74 1.74 1.71 1.65 1.56 1.45 12.00% 9.00% 1.33 7 US & Spain B ER 15.00% 14.00% 13.00% 12.00% 11.00% 10.00% 9.00% 8.00% 7.00% 6.00% 5.00% 9 STD 10.00% 9.03% 8.09% 7.17% 6.30% 5.50% 4.79% 4.22% 3.87% 3.79% 4.00% 0 SHR 1.5 1.55 1.61 1.67 1.75 1.82 1.88 1.9 1.81 1.58 1.25 1 2 US UK SPAIN CH13 INTERNATIONAL PORTFOLIO DIVERSIFICATION ANALYSIS 3 ER 15% 12% 5% 4 STD 10% 9% 4% 5 CORR 1 0.33 0.06 UK-= ? SPA-= ? 6 CV 1.5 1.3333 1.25 7